Build Acquisition Corp. Announces Closing of $200 Million Initial Public Offering

Rhea-AI Summary

Build Acquisition Corp. has successfully closed its IPO, issuing 20,000,000 units priced at $10.00 each, trading on the NYSE under the symbol BGSX.U since March 17, 2021. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, which can be exercised at $11.50 per share. The company has granted underwriters a 45-day option to purchase an additional 3,000,000 units for overallotments. Established to pursue business combinations in the software and technology services sectors in North America, Build Acquisition Corp. is led by Lanham Napier and a qualified board.

Positive

• Successful IPO with 20,000,000 units raised at $10.00 each.
• Strategic focus on software and technology-enabled services industries.
• Experienced leadership team with a strong board of directors.

Negative

• None.

Build Acquisition Corp. (the “Company”) announced today the closing of its initial public offering (“IPO”) of 20,000,000 units at a price of $10.00 per unit. The units began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “BGSX.U” on March 17, 2021. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “BGSX” and “BGSX.WS,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Cowen and Allen & Company LLC acted as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, from Cowen, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, telephone at (833) 297-2926, email at PostSaleManualRequests@broadridge.com or Allen & Company LLC, 711 5th Avenue, New York, NY 10022, Attn: Prospectus Department, telephone: (212) 339-2220, or email: allenprospectus@allenco.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became effective on March 16, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Build Acquisition Corp.

Build Acquisition Corp., led by Lanham Napier, Zeynep Young and Tanner Cerand as well as board members Noam Ohana, Owen Van Natta and James C. Weaver, is a newly incorporated blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the software and technology-enabled services industries in North America.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s IPO. Forward-looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement, as amended from time to time, and prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210319005460/en/

FAQ

What is the significance of Build Acquisition Corp.'s IPO on March 17, 2021?

Build Acquisition Corp.'s IPO on March 17, 2021, allowed the company to raise capital for potential mergers or acquisitions in the software and technology sectors.

What does each unit in Build Acquisition Corp.'s IPO consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What is the exercise price of the warrants issued by Build Acquisition Corp.?

The exercise price of the warrants is $11.50 per share.

Who managed Build Acquisition Corp.'s IPO?

Cowen and Allen & Company LLC acted as the joint book-running managers for the offering.

What options do underwriters have related to Build Acquisition Corp.'s IPO?

Underwriters have a 45-day option to purchase up to an additional 3,000,000 units to cover overallotments.